Top Four Types Of Repainting Scripts:
Forward-looking scripts are few and far between. 95% of repainting indicators are easily recognized in the top three categories.
Most of the time, you don't even have to bother to look at the actual code:
- Regression indicators (scripts containing Inertia functions).
- Recursive statements (recursion overwrite themselves) using Highest and Lowest. Essentially erasing and repainting new high and lows. (REVERSALS, HoHo, Swings, Pivots, ZigZags, etc.)
- MTF indicators. Which attempt to predict CLOSE, dozens of bars before the higher timeframe actually closes (any script containing "aggregation period")
- Forward-looking equations. Which attempt to predict the next bar and then erases it when reality hits. (this is the only difficult script to easily identify. There will be a [-1] coding involved but obviously if you are not a scripter, it will not be easy to recognize).
Forward-looking scripts are few and far between. 95% of repainting indicators are easily recognized in the top three categories.
Most of the time, you don't even have to bother to look at the actual code:
- Regression and Recursive Repainters are PERFECT when looked at historically on a chart. They show the perfect low and the perfect high, perfect trend channels. Perfect should always be suspect. Perfect doesn't happen in the real world.
- MTF indicators have a classical step pattern. Straight lines until the higher timeframe closes which results in a spike when reality hits and then more straight lining.
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